2005 Press Releases
RTE 6.01 News report on UCC, 24 May - Correction
In a report on the administration of UCC presented on RTE 6.01 News last night (24 May), one of those interviewed said UCC's "current unfunded debt was of the order of 60 million euro". The figure, put forward by Professor Des Clarke who is a member of UCC's Governing Body, was inaccurate.
We wish to make clear that UCC's unfunded capital debt is not 60 million euro as suggested. The amount of UCC's unfunded capital debt, which is regularly reported to the Governing Body, is currently 40 million euro.
(Unfunded capital debt is defined as capital expenditure for which future income streams have not yet become available.)
UCC is a city centre university with the smallest campus of any of the Irish universities. Its unfunded debt arises from the need to buy and develop properties, in relatively expensive locations, to meet increasing student numbers and infrastructure demands. Members of the UCC Governing Body have approved, unanimously, every single investment decision relating to unfunded debt.
In the context of UCC's overall revenues its unfunded debt figure is not inordinately high and is not a cause of particular concern. However, in light of expressed concerns in the RTE report, we wish to draw attention to the university's intention, which is known to all members of UCC's Governing Body, to halve its unfunded capital debt over ten years.
ENDS
077BD
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